Fact.MR’s study offer an accurate forecast on the automotive coatings market for the period between 2018 and 2027. The automotive coatings market has been envisaged to record a moderate CAGR of over 4.0% through 2027. The automotive coatings market is expected to witness an increase in volume sales of over 3,500 tons in 2018 over 2017, according to a recent Fact.MR study. Refinish formulations continue to gain center stage in the automotive coatings market, while water-borne coatings are gaining increased focus for basecoats.
The key players in the global automotive coatings market report consist of
- The Sherwin-Williams Co.
- RPM International Inc.
- Nippon Paint Holdings Co.
- Axalta Coating Systems
Each market player encompassed in the automotive coatings market study is assessed according to its market share, production footprint, current launches, agreements, ongoing R&D projects, and business tactics. UV cure variants, albeit accounting for minor share of the market currently, have emerged as fast-selling automotive coatings and the status quo is likely to prevail in 2018 and beyond. Demand for solvent borne coatings is expected to remain higher than solvent-borne coatings in 2018, despite concerns regarding their environmental and health impacts. Preference for solvent borne automotive coatings is primarily undergird by their relative superiority in retention of pigments liquid and binding agents.
Acrylics to Remain Preferred Resin for Automotive Coatings
Fact.MR study opines that acrylics will remain the top-selling resin in the automotive coatings market, as these resins witness predominant use in passenger cars, trailed by fluoropolymers. However, recent shift in manufacturer preferences have led the demand for amines and poly alkyds, and it is highly likely that these resins will record relatively faster volume sales in 2018 and beyond.
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Shares of the automotive coatings market are expected to remain clustered at the top and splintered at the bottom. Top 5 players will collectively account for nearly 40% share of the automotive coatings market. Supremacy of these players will be upheld by their sound operations and robust sales infrastructure worldwide. Small and mid-sized automotive coatings manufacturers are focused toward collaborations with established players as a key expansion strategy to strengthen their distribution and manufacturing capabilities.